Solved Case Analysis: Cadmus Budgeting by Wallace Stettinius

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Description

During the 1970s, the William Byrd Press grew from $3 million in sales to a very profitable $40 million periodical-printing company. The growth and profitability was driven, in part, by the development of a financial management system that was state-of-the-art for the printing industry at that time. Budgeting was an important part of the new financial management system. Previously, the printing industry was a job-shop business. The cost of a job was determined partially by a standard hourly rate developed from the annual budget. An hourly rate was divided by units of output per hour to estimate the cost per unit. Management had to know its costs because one important key to profitability was management of the dynamic price-volume-cost-capacity relationship inherent in that particular business. The new system was designed to give management the information needed to manage that relationship.

Publishing Authority:

Darden Business Publishing – University of Virginia

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